REG - Ashmore Group Plc - Third Quarter Interim Management Statement

Released : 14/04/2010 06:00:00

RNS Number : 1443K
Ashmore Group PLC
14 April 2010
Ashmore Group plc
+0700 14 April, 2010
THIRD QUARTER INTERIM management statement
Ashmore Group plc ("Ashmore", the "Group"), a leading specialist emerging
markets asset manager, announces today the following interim management
statement in respect of the period ended 31 March 2010.
Assets under Management ("AuM")
Actual Estimated
Theme AuM AuM Movement
31 December 31 March
2009 2010
(US$billion) (US$billion) (%)
External debt 17.6 18.4 +5
Local currency 5.7 6.1 +7
Special situations 3.1 3.0 -3
Equity 0.2 0.2 0
Corporate high yield 0.7 0.9 +29
Multi-strategy 2.0 2.1 +5
Other 2.3 2.3 0
Total 31.6 33.0 +4
The quarter saw assets under management increase 4% to US$33.0 billion. The
drivers of this were net inflows of US$0.8 billion principally into the
external debt and local currency themes, and positive performance of US$0.6
billion.
The Group's strategy remains consistent; deliver long term investment
outperformance; generate and diversify net management fee income through the
attraction of net subscriptions across investment themes; and develop the
Ashmore brand and business model.
Trading conditions are in line with management expectations and the Group
remains confident of its prospects for the current year.
Foreign exchange
The GBP:USD exchange rate has been relatively volatile over the period (31
March 1.5184 vs 31 December 1.6170 ), with an average rate for the quarter
of GBP1:1.5428 USD. Forward foreign exchange contracts of US$30 million
have matured in the period, effectively at this average rate, and US$30
million remain in place in respect of the remainder of FY09/10. These
outstanding forwards have been marked-to-market at the quarter end rate. In
line with the position at 30 June 2009, there remain in place US$60 million
of FX hedges for FY2010/11, which are hedge-accounted for in accordance with
IAS 39.
For further information, please contact:
Ashmore Group Penrose Financial
plc Ashmore@penrose.co.uk
Graeme Dell Gay Collins Clare Milton
Group Finance Director +44 20 7786 4888/ +44 20 7786 4874
+44 20 3077 6000 +44 7798 626 282
This information is provided by RNS
The company news service from the London Stock Exchange
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